Special Topics

Wholesale trade inventories increased 0.8% during January
(5.0% y/y) following a 0.7% December gain, revised from 0.4%. In the advance
report issued on February 27, wholesale inventories were reported up 1.0% m/m in January.

The inventory-to-sales ratio at the wholesale level increased
to 1.26, its highest level since September. It remained below, however, a
February 2016 high of 1.36.

The I/S ratio for durable goods rose to 1.60, but was well
below its recent peak of 1.74 in January 2016. The metals & minerals ratio
was steady at 2.02, and the motor vehicle ratio rose to 1.74. The electrical
equipment ratio improved to 1.01, but the computer equipment ratio fell to 0.81.
The I/S ratio for nondurable goods rose to 0.94, still near its lowest point in
three years. The apparel industry ratio increased to 2.03, and the chemical
industry ratio was stable at 1.12. The grocery industry ratio held at 0.67, and
the petroleum industry ratio held at 0.35.

The wholesale trade figures are available in Haver's USECON
database. The Action Economic Survey results are contained in AS1REPNA.